Severstal, a steel and mining company, could become the first Russian company to fail to make a critical interest payment on foreign-currency debt. The domestic firm had a $12.6 million coupon payment due on March 16, but it was granted a five-business-day grace period. The industrial giant possesses $800 million in loan participation notes that mature in 2024. The company has urged bondholders to contact Citigroup since it is the financial institution that blocked the payment and requested an ironclad permit from the U.S. Treasury to cover these obligations. Should it default on its debt, Severstal’s global operations and claims would only cover less than one-fifth of its foreign unsecured debt, JPMorgan Chase analysts estimated earlier this month. If interest payments are not processed, Severstal officials announced that the company would search for alternative options to pay its creditors. Payments for bonds issued by Russian companies have turned into a …